When the price was $4.20, $4, and $3.50, demand was lower and only two people bought the computer chips. Demand was at its lowest when the price was $3.80 as only one person bought it, and demand was the highest at $3.90 and $3.50, where 3 people bought each computer chip.
Graph 2:
This graph shows that the most computer chips were bought at the price of $4. As the price increases the amount sold decreases since consumers are less willing to pay high prices. As the price gets lower, less is sold since sellers don't want to sell for a cheap price as they lose money.
Graph 3:
More transactions were made at $4 than at any other prices, similar to graph 2. Less transactions were made by consumers when the price was higher. Consumers don't want to buy the chips if the prices are high, and producers or sellers don't want to sell the chips if the price is too low.
Graph 4:
The price ceiling was implemented at $3.70, which meant that sellers couldn't sell above that set price of $3.70. This benefitted the consumers because they could save more money, but this meant that the sellers would lose more money as they made transactions below the price of the actual product, which would result in them losing profit.
Graph 5:
The price floor was implemented at $4.90, which meant that was the minimum price that sellers had to sell at. This benefitted the sellers because they would gain more profit. The number of transactions was less than the previous transaction in graph 4 as consumers wouldn't want to buy at a higher price.
Graph 6:
A tax of 50 cents was implemented on buyers. More people were buying and selling at lower prices below $4. Consumers buy more at lower prices since they have to pay the extra 50 cent tax implemented on the chips. Sellers are more willing to sell at lower prices as well since they gain more money with the tax.
Graph 7:
A tax of 50 cents was implemented on sellers. The chips costs more as the prices they're sold at is higher than normal. Sellers would want to sell more to earn a greater profit, and consumers would want to buy less as they lose money with the transaction.
Graph 8:
Sellers and buyers got frustrated as transactions had to be made in complete silence. It was very unclear what each price was for the chips, so sellers sold at any price to get it over with.
Graph 9:
Demand for the chips was highest at $4.30, and lowest at $3.90. The prices are higher than the previous transactions.
When the price was $4.20, $4, and $3.50, demand was lower and only two people bought the computer chips. Demand was at its lowest when the price was $3.80 as only one person bought it, and demand was the highest at $3.90 and $3.50, where 3 people bought each computer chip.
Graph 2:
This graph shows that the most computer chips were bought at the price of $4. As the price increases the amount sold decreases since consumers are less willing to pay high prices. As the price gets lower, less is sold since sellers don't want to sell for a cheap price as they lose money.
Graph 3:
More transactions were made at $4 than at any other prices, similar to graph 2. Less transactions were made by consumers when the price was higher. Consumers don't want to buy the chips if the prices are high, and producers or sellers don't want to sell the chips if the price is too low.
Graph 4:
The price ceiling was implemented at $3.70, which meant that sellers couldn't sell above that set price of $3.70. This benefitted the consumers because they could save more money, but this meant that the sellers would lose more money as they made transactions below the price of the actual product, which would result in them losing profit.
Graph 5:
The price floor was implemented at $4.90, which meant that was the minimum price that sellers had to sell at. This benefitted the sellers because they would gain more profit. The number of transactions was less than the previous transaction in graph 4 as consumers wouldn't want to buy at a higher price.
Graph 6:
A tax of 50 cents was implemented on buyers. More people were buying and selling at lower prices below $4. Consumers buy more at lower prices since they have to pay the extra 50 cent tax implemented on the chips. Sellers are more willing to sell at lower prices as well since they gain more money with the tax.
Graph 7:
A tax of 50 cents was implemented on sellers. The chips costs more as the prices they're sold at is higher than normal. Sellers would want to sell more to earn a greater profit, and consumers would want to buy less as they lose money with the transaction.
Graph 8:
Sellers and buyers got frustrated as transactions had to be made in complete silence. It was very unclear what each price was for the chips, so sellers sold at any price to get it over with.
Graph 9:
Demand for the chips was highest at $4.30, and lowest at $3.90. The prices are higher than the previous transactions.